Thursday 11 January 2018

MIDEAST DEBT-Oman issues largest bond as rising oil prices cheer Gulf investors

MIDEAST DEBT-Oman issues largest bond as rising oil prices cheer Gulf investors:

"The Omani government has sold a $6.5 billion bond, its largest ever, in a sign of how rising oil prices are increasing investor confidence in the Gulf’s energy exporting countries.

Oman is one of the financially weakest states in the Gulf and last month Fitch cut its rating of Oman’s debt to just above junk territory; Standard & Poor’s already rates Omani debt as junk. Last week, the government released a 2018 state budget that does little to cut a huge deficit.

But the debt sale late on Wednesday attracted a whopping $15 billion of orders, helped by this week’s leap of the Brent crude oil price to around $69 from around $50 in late July."



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